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40k in credit card debt help!

Date: Sat, 01/29/2011 - 07:04

Submitted by Bull68
on Sat, 01/29/2011 - 07:04

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Total Replies: 5


Hi I currently reside in Cleveland Ohio, I have always paid the minimum payment on time. I'm just not able to pay more. I learned yesterday that I have to take a pay cut at work. I called several of my credit card companies such as wells fargo, citibank, GE Money to explain my situation and ask for settlements. None agreed to lower the interest rate or make a settlement for even half my balance. Do I have to wait until I am 90 days past due before any of them will work with me? I really appeciate everyones help. I'm just not sure what else to do?

Thanks


Yea, they'll start talking settlement after about 60 days (in my case), but it won't be much (80% for me). Now at 90 days, they went down a little (75%). I told them a set amount (25%), and if they don't accept anything near that, oh well, they'll sell it to a collector for 7%, then I will settle with them for 10.


lrhall41

Submitted by on Sat, 01/29/2011 - 12:08

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We found ourselves in your situation and that's why we quit the game. We were only making minimum payments and when one raised our interest rates, they all did. Even though we had always paid on time, they wouldn't reduce the rate and couldn't (or wouldn't) tell us why they had raised it. So, we stopped paying and started saving for settlement. (Don't ever tell them that!)

Some were charged off, some sold, some settled with the OC. Know the law and what to say when they call. You can do this yourself and don't be afraid of what it will do to your credit report. It's going in the crapper but it WILL recover.

Give them time and don't be intimidated by what they say. They will eventually settle with you. Read and learn from this forum!


lrhall41

Submitted by lisaawilliamson on Wed, 02/02/2011 - 06:13

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